(Melville, New York February 3, 2003) Reckson Associates Realty Corp. has announced eight recent office leasing agreements totaling 41,983 square feet within Suffolk County, indicative of the steady demand for premium Long Island office space.
Forging solid business relationships through a commitment to service is a key Reckson strategy. A direct result of this approach is the Company's strong rate of tenant retention. Three tenants renewed leases with the Company across Suffolk County, totaling 17,950 square feet. Avaya Inc., the global leader in communication systems, applications, and services, renewed its tenancy of 10,180 square feet at 1660 Walt Whitman Road. Lee Hecht Harrison, an international career services company renewed its 5,077 square foot tenancy at the Class A, 185,889 square foot 225 Broadhollow Road office building. One Ten Brokerage, LLP, expanded its original leasing agreement at 275 Broadhollow and occupied 2,693 square feet within the 124,441 square foot office property.
Additional activity in the Melville-Route 110 corridor of Western Suffolk County included four new lease agreements, totaling 12,975 square feet. In particular, three transactions reveal a growth trend in the mortgage and lending sector. At the 70,000 square foot 200 Broadhollow Road, Preferred Empire Mortgage Company joined the tenant list and leased 9,012 square feet. Preferred Empire Mortgage Company is a full service company providing mortgage brokerage services for residential and commercial properties, vacation homes, investment properties, purchases or refinances, home equity loans, and lines of credit. Radian Guaranty, Inc., a provider of mortgage insurance, entered a 1,423 square foot leasing agreement at the 200 Broadhollow Road location as well. AEGIS Lending Corporation, the borrowing division of AEGIS Mortgage Corporation, is a newcomer to 35 Pinelawn Road. AEGIS occupied 2,540 square feet of this 105,241 square foot quality facility.
J& K Technologies is another new tenant within the corridor. The company signed a long-term transaction at 538 Broadhollow Road and occupied 7,884 square feet of the total 177,000 square foot location. This firm supplies telecommunications design services, including conduit provisioning, fiber routing, broadband design, and computer services.
In Hauppauge, Congressman Steve Israel (D-NY) opened his 3,174 square foot New York District Office inside the 191,447 square foot 150 Motor Parkway, located at the gateway to Hauppauge Industrial Park.
Reckson Associates Realty Corp. is a self-administered and self-managed real estate investment trust (REIT) specializing in the acquisition, leasing, financing, management, and development of office and industrial properties.
Reckson's core growth strategy is focused on the markets surrounding and including New York City. The Company is one of the largest publicly traded owners, managers and developers of Class A office and industrial properties in the New York Tri-State area, with 178 properties comprised of approximately 20.4 million square feet either owned or controlled. For additional information on Reckson Associates Realty Corp., please visit the Company's web site at www.reckson.com.
Certain matters discussed herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, forward-looking statements are not guarantees of results and no assurance can be given that the expected results will be delivered. Such forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those expected. Among those risks, trends and uncertainties are the general economic climate, including the conditions affecting industries in which our principal tenants compete; credit of our tenants; changes in the supply of and demand for office and industrial properties in the New York Tri-State area; changes in interest rate levels; downturns in rental rate levels in our markets and our ability to lease or re-lease space in a timely manner at current or anticipated rental rate levels; the availability of financing to us or our tenants; changes in operating costs, including utility and insurance costs; repayment of debt owed to the Company by third parties (including FrontLine Capital Group); risks associated with joint ventures; and other risks associated with the development and acquisition of properties, including risks that development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors that could impact Reckson, reference is made to Reckson's filings with the Securities and Exchange Commission. Reckson undertakes no responsibility to update or supplement information contained in this press release.
Contact:
Mitchell Rechler
Co-President, Reckson Associates
(631) 694-6900
